In January, Visa's chief executive officer, Al Kelly, said during an earnings call that "there's been a burst of the balloon in valuations in the fintech world". Noting that the trend of lower valuations "is a helpful characteristic of the current environment", he added: "We will look for capabilities and management teams that will bring more value to Visa than we can bring ourselves." Data from KPMG's Pulse of Fintech H2'22 shows that global fintech investment - via mergers and acquisitions (M&As), private equity (PE) and venture capital (VC) firms - at $164.1 billion in 2022, was down 31 per cent over the year before. Indian fintechs held up better during this timeframe, attracting $6 billion, or a fall of 24 per cent.
The transformational reforms like GST, Bankruptcy Code and recapitalisation of banks, Black Money Act, demonetisation, flexible inflation targeting and adoption of fiscal discipline (FRBMA), etc, have temporarily and purposefully pulled us back only to propel us forward with greater velocity, Rajiv Memani.
'India should start leveraging rather than banning crypto.'
Is the worst over for Indian banks? The past two years saw them ride on treasury trades as deposits soared and credit growth dipped sharply. Gross and net non-performing assets (NPAs) moved south, and the provision coverage ratio (PCR), capital buffers, and profitability indicators are back at pre-pandemic levels. So, what's the plot ahead?
In view of the economic shock caused by the COVID-19 pandemic, Reserve Bank of India (RBI) on Friday asked scheduled commercial banks and co-operative banks not to make any dividends for the financial year ended March 2020. In view of the ongoing stress and the heightened uncertainty on account of the pandemic, RBI said it is imperative that banks continue to conserve capital to support the economy and absorb losses, if any. The decision is based on review of the September quarter financial performance of banks.
Air India chairman said that the airline never served non-vegetarian meals on short duration flights.
The travel agents have demanded refunds for customers
North Block is concerned that when India is trying to attract more investment, putting up restrictions on audit firms could create an avoidable bad advertisement.
'I suspect the recovery that the banks are going to get out of this IBC is not going to be more than 30 per cent.' 'If you leave the steel industry aside, the recovery rates are not looking very, very healthy,' Jairam Ramesh tells the Rajya Sabha.
Providers write to Sebi, FinMin; launches may hit pause.
'Their dharma propels them to pay their workers; otherwise, they know the boys would starve.' 'At the same time they will not allow their business to suffer,' observes Dr Sudhir Bisht.
CII suggested the policy measures required to ease the tight liquidity situation by cutting CRR by at least 50 basis points.
It may be a 'no-go' for banking licences to large industrial houses.
Twenty-five years on, Coca-Cola is involved in a new search. Arnab Dutta reports.
Reliance Industries Ltd on Thursday announced a Rs 75,000 crore investment in new energy business over the next three years as the operator of the world's largest oil refinery pivots towards a greener and cleaner version. Reliance will build solar manufacturing units, a battery factory for energy storage, a fuel cell-making plant and an electrolyzer unit to produce green hydrogen as a part of the business, chairman Mukesh Ambani said at the company's annual general meeting with shareholders on Thursday. It will also set up 100 gigawatts (GW) of solar power generation capacity by 2030 and invest in setting up a carbon fibre plant.
Swedish Prime Minister Lofven lauded India as 'global power' and said the two countries are a 'perfect match'.
Despite a temporary relief, foreign investors still see the sword of double-taxation hanging above their hard earned returns.
The Supreme Court on Wednesday said the Centre should implement "as soon as possible" the interest waiver on loans of up to Rs 2 crore under the RBI's moratorium scheme in view of the Covid-19 pandemic, saying the common man's Diwali is in the government's hands.
Massive crowds thronged liquor stores, more vehicles plied on roads and cab-hailing platforms resumed services as India entered the third phase of the lockdown on Monday with further easing of curbs except in containment zones in the shadow of the highest rate of recovery yet from coronavirus.
'During the lockdown if you terminate your employee, then you will face action under the NDMA.' 'This will be the first time something like this will happen in the history of India.'
'The Modi government needs some big private sector trophies to affirm its anti-corruption credentials before the polls.' 'So on whose neck will the sword fall next?' 'To that extent, the outing of the ICICI Bank-Videocon story is cathartic,' says Shekhar Gupta.
Bank credit growth declined to 8.5 per cent in January from 13.5 per cent in the year-ago period.
Social media users in Kashmir are divided over a recent circular issued by district authorities in Kupwara which directed administrators of 'Whatsapp' groups disseminating news to get themselves registered within 10 days.
The Securities and Exchange Board of India (Sebi) has directed Franklin Templeton MF to pay Rs 5 crore as penalty, return over Rs 450 crore collected as 22-month investment management and advisory fees, and imposed a two-year ban on launching new debt schemes for alleged irregularities in running six of its debt schemes that were shuttered last year.
Observing that MSME sector plays an important role in the growth of the Indian economy, RBI said the restructuring of the borrower account has been extended by further one year to March 31, 2021.
'It won't be easy to undo the damage that has been done to the economy by the lockdown and the solution will not come from two minute presentations,' observes Aakar Patel.
The HR challenge seems to be one of the most important issues that RBI Governor Shaktikanta Das will have to tackle.
The government on Wednesday said it will borrow Rs 7.24 lakh crore in the first half of 2021-22 fiscal to meet resources to perk up the economy hit by the coronavirus pandemic. According to the Budget 2021-22, the government's gross borrowing was estimated at Rs 12.05 lakh crore in the financial year beginning April 1. "In the Budget, we had announced that there would be a gross borrowing of Rs 12.05 lakh crore and net borrowing of Rs 9.37 lakh crore. "In the first half of 2021-22, we would be borrowing Rs 7.24 lakh crore, which is 60.06 per cent of the gross issuances," economic affairs secretary Tarun Bajaj said. He said the government would issue 2-year, 5-year, 10-year, 14-year, 30-year, and 40-year securities.
'There is no need to do anything, let your SIPs get deducted every month, and stick to your allocation between equity, fixed income and emergency funds and your risk covers.'
Levying buyback tax at a flat rate of 20 per cent (plus applicable surcharge and cess), irrespective of the period for which shares are held will be a dampener for equity shareholders who take inherent risks while investing, says Hitesh D Gajaria, partner and head of tax, KPMG in India.
FDI inflows into India were $34 billion in 2014, up 22%.
RBI has invited case studies from participant banks by January 31.
'Modi has given India its 'lost half-decade'. Elect him again and by 2024 it will be a lost decade'
The Finance Ministry has started preparations for Budget 2014-15 by asking different central ministries and departments to come out with their estimates of receipts as well as expenditure for the next financial year.
However, the government has enacted an important change to the fixed-term employment framework that may help companies in handing out contractual jobs to its existing permanent workforce.
If the new governor can think out of the box even as he signals that he can bat for the RBI cadre and respect its institutional memory, that will go a long way in getting out of the current impasse.
Gandhi noted that lakhs of migrants continue to walk hundreds of kilometres to reach back their homes without food, water, medicines and cash. She also accused the central government and the Railways of completely ignoring the demands made by the Congress for ensuring the safe and free travel of migrant workers and labourers to their homes.
The banking sector's credibility is on thin ice. Unless the government takes strict steps, things could get worse.
Crypto-assets are essential to blockchain technology, which has the potential to be one of the next major growth drivers for the software ecosystem in India. A prohibition would nip this opportunity in the bud, say Vaibhav Parikh and Jaideep Reddy.
A ministry's internal note proposes caps on minimum and maximum fares airlines can charge, keeping in mind their cost structure, profit margin and ensuring the last minute fares are not out of bounds of passengers.
